Series 22: 1.1.3. Limited Partnerships

Taken from our Series 22 Top-off Online Guide

1.1.3. Limited Partnerships

A limited partnership (LP) must have a minimum of two members: at least one general partner and at least one limited partner. General partners control the day-to-day operations of the business and are personally liable for its debts. Limited partners are passive investors, who enjoy limited liability but cannot actively participate in business decisions. General partners choose to organize as limited partnerships or LLCs to protect their owners from personal liability.

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